Azonto Petroleum announced late Tuesday that it plans to sell its 35 percent stake in Vioco Petroleum Limited to Vitol E&P Limited.
As part of the deal, Azonto will also sell certain wellhead drilling equipment in Cote d’Ivoire to Vitol. Vioco holds an 87 percent working interest in, and is the operator of, the CI-202 Block in Cote d’Ivoire, within which the Gazelle project is located. Vitol E&P Limited already owns 65% of the shares in Vioco.
In a company release, Azonto claimed that the increased cost growth experienced by the Gazelle project in recent months, which resulted in delays, was one of the reasons for the planned sale of its asset, as was the “increasingly challenging” oil and gas sector environment.
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